Wolf Review(Mind Over Money)
“Mind Over Money” The Psychology of Money and How to Use It Better explained the psychological behind our brain on how we view money. The author, Claudia Hammond described the 12 kinds of personalities towards money. I find them very interesting. Most of us should be able to relate ourself with one or few personalities mention in the author’s book.
1.) The freedom buyer describes a person resent being required to limit ones autonomy and see money as a way of paying not to be told what to do.
2.) The freedom fighter describe an individual that dislike the way money constraints people and would like to see it shared out more equally akin to a concerned liberal or a misfit.
3.) The compulsive saver is one that save money for the sake of saving it. It also describes a person putting away money religiously every month. A person that doesn’t enjoy his holiday given he is spending more without the money he would have made if he had not gone on a holiday.
4.) The self-denier is a person feeling guilty about spending money on yourself. Living cheaply on rent and hunting down bargain in supermarket.
5.) The compulsive bargain hunter whom refuse to spend unless there is an absolute bargain. A prolific discount “couponer”.
6.) The fanatical collector is a person obsessive with any collection except for money.
7.) The love buyer, you are generous, one that use money to buy admiration, attention to get people to like you. A person most likely to spoil your children in an attempt to buy their love.
8.) The love seller describes a kind of person that makes people around you feeling good about themselves. A frequent flatter of your boss in order to stay employed. You are also the first to abandon when friends fall on hard times.
9.) The love stealer, most likely a boss who pretends to care for employees only to keep their wage low. A person likely to show contempt for others secretly.
10.) The manipulator, you use money to get power but also exploit people in order to get more money. A dubious character that swindled.
11.) The empire builder determined to be leader of others, dislike others to challenge their authority and decision. A person driven and determined to find shortcuts to make more money
12.) The godfather bribe your children to be good, kind to people who are doing the things you want them to.
Other cool and strange phenomenons when money is involved in decision making were an interesting read. You would also be able to find out the phenomenon of experience stretching hypothesis, it explained when one tasted the best meal in town prepared by a Michelin starred restaurant, the simple joy of having tuna melt in your local cafe doesn’t seem quite appealing as before. There were interesting findings on how we always view the rich wrongly and how we actually had admiration for drug mute who got caught for receiving a higher “call to action fee” than a mule receiving a lower fee to do the job. There were interesting findings showing people getting twice the happiness donating to a cause than buying things for themselves. The many research done on the subject are fascinating and mind boggling.
The book goes onto Lone Wolf recommendation list for its comprehensive 263 experiments and research done on human psychology on money. By knowing how the brain is wired towards money, everyone can make better financial choice. 🙏
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